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USD/JPY Below 99.50 as Asian Futures Climb

Equity futures (HIA) in Hong Kong and Australia rose as investors assessed the outlook for U.S. stimulus amid corporate earnings and falling home sales in the world’s biggest economy. The yen gained and natural gas climbed.

Futures on the Hang Seng Index in Hong Kong rose 0.2 percent, while contracts on Australia’s S&P/ASX 200 Index added 0.3 percent. Standard & Poor’s 500 Index futures climbed 0.1 percent after the gauge rose 0.2 percent to a record in New York. The yen added 0.3 percent to the dollar after gaining 1 percent yesterday. Gas futures rallied 1.1 percent. Futures on Japan’s Nikkei 225 Stock Average were bid at 14,670 in the pre-market, after closing at 14,675 in Chicago and 14,690 in Osaka.

McDonald’s Corp. (MCD) and Netflix Inc. reported results yesterday that fell short of analysts’ estimates for the second quarter as investors await earnings this week from Apple Inc. to PepsiCo Inc. Sales of previously owned U.S. homes unexpectedly dropped 1.2 percent in June, data yesterday showed. The Federal Reserve will begin tapering in September its bond buying program that has supported debt and equity gains, according to 50 percent of economists surveyed by Bloomberg.

Bloomberg [1]

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